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Technology Sector Underperformer Of The Day: Harris Corporation (HRS)

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Harris Corporation (
HRS) pushed the Technology sector lower today making it today's featured Technology laggard. The sector as a whole closed the day up 1.5%. By the end of trading, Harris Corporation fell 44 cents (-1%) to $42.36 on heavy volume. Throughout the day, 1.8 million shares of Harris Corporation exchanged hands as compared to its average daily volume of 905,300 shares. The stock ranged in price between $42.15-$43.10 after having opened the day at $42.91 as compared to the previous trading day's close of $42.80. Other companies within the Technology sector that declined today were:
Renewable Energy Trade Board (
EBOD), down 35.8%,
Dialogic (
DLGC), down 18.6%,
Telestone Technologies Corporation (
TSTC), down 17.6%, and
New Energy Systems Group (
NEWN), down 17.1%.

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Harris Corporation, together with its subsidiaries, operates as an international communications and information technology company that serves government and commercial markets worldwide. Harris Corporation has a market cap of $4.97 billion and is part of the telecommunications industry. The company has a P/E ratio of 8.9, below the S&P 500 P/E ratio of 17.7. Shares are down 12.6% year to date as of the close of trading on Monday. Currently there is one analyst that rates Harris Corporation a buy, two analysts rate it a sell, and six rate it a hold.

TheStreet Ratings rates Harris Corporation as a
buy. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, notable return on equity, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income.